You have $3000 to invest in a simple interest investment. Your goal is to have $6000. The best rate you can find is 4.2%. How many years will it take your investment to have a balance of $6000? Round to the the tenths place

It will take 23 years and 10 months (23.8) approximately to have US$ 6,000 in this investment.

Step-by-step explanation:

1. Let's review the information given to us to answer the question correctly:

Initial principal = US$ 3,000

Final amount = US$ 6,000

Interest rate = 4.2% simple interest = 0.042

2. How many years will it take your investment to have a balance of $6000?

Let's recall that the formula of the simple interest is:

Final amount = Initial principal * (1 + Interest rate * Time in years)

Replacing with the real values, we have:

6,000 = 3,000 * (1 + 0.042 * Time in Years)

(1 + 0.042 * Time in Years) = 6,000/3,000

(1 + 0.042 * Time in Years) = 2

0.042 * Time in Years = 2 - 1

0.042 Time in Years = 1

Time in Years = 1/0.042 = 23.8 (Rounding to the the tenths place)

It will take 23 years and 10 months (23.8) approximately to have US$ 6,000 in this investment.